BASF today reported a “solid start to 2012” but its first quarter 2012 net profit declined 28.5% to €1.724 billion ($2.28 billion). BASF cites much higher tax rate this year—39.6% compared with 24.7% in 2011, and the sale of K+S shares last year, which was “nearly tax free” as the main reasons. BASF’s first quarter sales rose 6% to €20.6 billion. “Increased raw material costs could not be fully passed on in all business areas, which put pressure on our margins,” says Kurt Bock, chairman of BASF. The...